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TRUST DIALOGUE: What FG must do to reverse galloping inflation – Akai

The immediate past Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Dr Victoria Akai, has listed immediate and long-term measures to stem the…

The immediate past Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Dr Victoria Akai, has listed immediate and long-term measures to stem the galloping inflation impacting national growth and citizens well-beings.

She gave the suggestions on Thursday at this year’s 21st Daily Trust Annual Dialogue, with the theme ‘Tinubu’s Economic Reforms: Gainers and Losers’ was held at the Nigeria Air Force Conference Centre, Abuja.

In her presentation titled ‘Exploring the Impact of President Bola Ahmed Tinubu’s Economic Reforms on Nigeria: A Comprehensive Review’, Dr Akai asked President Tinubu to prioritise supporting local industries to boost export activities.

She noted that Tinubu’s vision, as he articulated, revolves around the ‘Renewed Hope Agenda’, emphasizing the unleashing of Nigeria’s economic potential through job creation, access to capital for businesses of all sizes, inclusiveness, upholding the rule of law, and combating hunger, poverty, and corruption.

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She also noted that this agenda encompasses key focus areas such as sustained inclusive growth, national security, agriculture, energy and natural resources, infrastructure and transportation, as well as education, health, and social investment.

On specific government policies and reforms, Dr Akai said that one of the critical government policies involves the removal of Nigeria’s foreign currency controls.

“However, this move has led to adverse effects on the Naira and has impacted dollar flows to Nigeria. Urgent action is required to address this issue to curb the current negative impacts on investment and overall economic stability.

“Short-term policies should focus on implementing robust monetary measures to control inflation and stabilize the currency market, enhancing foreign exchange reserves management, and supporting local industries to boost export activities.

“In the medium term, structural reforms are essential to diversify the economy away from oil dependence and promote non-oil sectors such as agriculture and manufacturing. Long-term policies should prioritize human capital development, technological innovation, and infrastructure enhancement to bolster productivity and competitiveness,” Dr Akai said.

She added that tax reforms should be aime to increase tax revenues while reducing the burden on individuals and businesses, with the goal being to raise the tax-to-GDP ratio by 18% by 2026, which would significantly impact government revenue and the overall economy.

She, however, noted that reforms take time to produce desired results.

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